As part of the alignment of the Romanian VAT law to the EU rules, the VAT-exempt operations listed under the Fiscal Code are similar to those in the European Sixth Directive. Lately the Ministry of Public Finance officials have considered implementing in Romania VAT provisions that comply with those in force in the EU. In this respect, they have accepted the interpretation of the current law based on the EU practice. |
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The EU interpretation states that VAT exemption is not applicable only to banking services supplied to end-customers, but also to the related support services. Therefore, PwC can assist the financial institutions in finding operational structures that can allow them to minimise / reduce to nil the VAT costs incurred. |
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